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The Daily Telegraph: German Chancellor Angela Merkel has shot down calls for full mobilization of the eurozone's bail-out funds to halt the raging bond crisis in Spain and Italy, ignoring unprecedented pleas for action from the International Monetary Fund.

The Guardian: The leaders of the eurozone's biggest economies announced on Friday night that 1% of the European Union's GDP was to be set aside to help the continent grow its way out of the financial crisis.

Financial Times: Wealthy investors including Sir Alex Ferguson, Sven-Göran Eriksson and a host of sports stars and City figures could be liable for huge individual tax bills after an attempt to reduce their liabilities backfired.

The Daily Telegraph: Spain will formally request a bailout for its crisis ridden banks on Monday, finance minister Luis De Guindos said.

The Independent: The Bundesbank yesterday condemned a decision by the European Central Bank to loosen its collateral rules in a sign of rising tension over the conduct of European liquidity operations.

Daily Mail: Moody's is facing a backlash as markets shrugged off its decision to downgrade 16 of the world’s biggest lenders.

The Daily Telegraph: Iceland, whose economy has recovered rapidly following the 2008 collapse of its banking sector, on Friday repaid $483.7 million in loans to the International Monetary Fund.

Business and economics

Financial Times: BlackRock, the world’s largest money-manager by assets, said on Friday that a senior adviser who reported to Larry Fink, chief executive, had left the company.

The Daily Telegraph: The Farepak directors who were vindicated after the collapse of a High Court case against them, are to be granted millions of pounds in legal costs by the Government.

The Daily Telegraph: Barclays chief executive, Bob Diamond, has put Jerry del Missier, one of the bank's most senior executives, in charge of restructuring the business.

The Daily Telegraph: Plans to impose a "super tax" on mining companies operating in Australia face a legal challenge from the industry tycoon Andrew "Twiggy" Forrest.

The Guardian: Accountant Ernst & Young will not be penalised for its role in auditing the European banking arm of Lehman Brothers, after Britain's accountancy regulator ended its 18-month investigation on Friday.

Financial Times: Credit Suisse’ board has backed its chief executive Brady Dougan as it rebuffed calls by the Swiss National Bank for it to build up capital faster.

The Daily Telegraph: Royal Bank of Scotland has criticised the decision to downgrade its credit rating by Moody's, saying the agency was "backward-looking".

The Daily Telegraph: Kate Bleasdale, the colourful entrepreneur who was sacked from the company she set up Healthcare Locums, over "serious accounting irregularities" has failed in her attempt to sue the business for unfair dismissal.

The Guardian: Heritage Oil has endured a stinging rebellion against its pay policy with nearly half of shareholders failing to support the remuneration report – despite the chief executive, former mercenary Tony Buckingham, controlling 33% of the shares.

The Independent: Kazakhstan oil explorer Max Petroleum's shares halved in value yesterday after the company said it may have to "significantly curtail" its drilling programme.

The Independent: Britain's manufacturing industry suffered a blow yesterday when defence group Cobham said a major military planes contract will move from southern England to Spain, leading to up to 320 job losses.

The Daily Telegraph: Glencore has demanded compensation from Bolivia after the country's Left-wing government nationalised one of the commodities group's tin and zinc mines.

Financial Times: A US judge ruled Goldman Sachs had no obligation to tell investors that the Securities and Exchange Commission intended to file civil fraud charges alleging the bank misled investors over its sale of a mortgage-related security.

The Daily Telegraph: Jim O'Neill, the Goldman Sachs banker touted as a future Governor of the Bank of England, would want to change the Bank's mandate if he got the job.

The Daily Telegraph: Marks & Spencer suffered a blow after its head of menswear Richard Price said he was leaving the company to join rival retailer Bhs, owned by Sir Philip Green.

The Guardian: Nationwide building society's latest report and accounts reveals that five directors are now paid over £1 million a year.

Financial Times: Tesco is facing fresh ­pressure at its annual meeting next week, after Pensions Investment Research Consultants recommended that investors vote against its remuneration report.

Daily Express: William Hill has been cleared to take its first punt on the American gaming market after winning a licence to operate in Nevada - home of the Las Vegas casino industry.

The Daily Telegraph: Iceland Foods hailed its seventh consecutive set of record results since founder Malcolm Walker returned as chief executive, as it posted a 14% increase in pre-tax profits, to £147.5 million.

Financial Times: Danone suffered its biggest weekly fall in over a decade after the owner of Evian water and Activia yoghurt issued a surprise profit warning.

The Independent: The retailer Disney Store showed that all was not well with Mickey Mouse and his friends last year by posting widening losses, and blamed increased costs from its online operations on the Continent.

Daily Express: Cruise line giant Carnival Corporation said bookings were picking up after a fall in the wake of January's capsize of its Costa Concordia ship.

Financial Times: Ronald Ferguson, the former chief executive of General Re, and four other executives reached a deal with the US government to avoid a second criminal trial over allegations they created fake reinsurance transactions to bolster American International Group’s stock price.

The Guardian: The Office of Fair Trading is to investigate Facebook's $1 billion bid for Instagram, because it is concerned the giant social network might choke off picture uploads to other sites from the app, or else restrict other apps' ability to upload to it.

Financial Times: Chile’s Codelco and Anglo American have agreed to extend talks until 17 July to try to resolve a bitter tug-of-war over the multinational miner’s Anglo Sur assets.

Financial Times: Pertamina, Indonesia’s state oil monopoly, has agreed to pay $725 million for the Venezuelan assets of Harvest Natural Resources, a New York-listed energy company.

Financial Times: Citigroup agreed to buy a shipping loan book from Société Générale on Friday in the latest example of European banks withdrawing from dollar assets.

The Daily Telegraph (Comment): Merkel has shot down calls for full mobilisation of the eurozone's bail-out funds to halt the raging bond crisis in Spain and Italy, ignoring unprecedented pleas for action from the International Monetary Fund.

The Guardian (Comment): The prime minister has lost much of the credibility he so painstakingly built up after 2006.

Daily Mail (Comment): Time to close the London loophole - the light-touch regulation that has spawned a series of London-based disasters, the latest of which was the $2 billion of 'Voldemort' trading losses at JP Morgan Chase.

Daily Mail (Comment): The way in which Europe’s political leaders have allowed a crisis that began among the eurozone’s smallest economies to become a systemic risk to the whole world economy and banking system is criminal.

Financial Times (Lex): Indexing: all cap-weighted indexes are effectively overweight high-multiple shares. Choose carefully or, like a stock picker, you might end up chasing winners.

Financial Times (Lex): Tax avoidance: if politicians were serious on the issue and making the system fairer and more remunerative for state coffers, they could start by simplifying the rules.

Financial Times (Lex): Billabong: Australian surfwear brand needs to give investors an idea of how it intends to reverse sales slump before shareholders will cough up cash.

Financial Times (Lex): Global banks: reports of the death of the lenders are exaggerated but they have a lot of work to do to create a less leverage-dependent business mode.

I am about to vote against everything that Nationwide's greedy directors propose. I suggest readers do the same.

Since Graham Beale took over as Chief Executive his pay has risen 45 per cent since 2009, staff numbers have shrunk, Beale is now paid a ridiculous £2.25 million a year and charges - high charges - have been introduced for overseas Visa transactions.

Branch service is now non-existent as staff leave and are not replaced- clearly a deliberate policy to get rid of those troublesome creatures "people."

Long queues build up in branches as about one counter is open and four closed in our local branch. Agencies, which provided Nationwide service in smaller towns, have been shut down, as they were "not profitable." Funny, I thought this was a mutual, dedicated to "service." What a joke! But the joke's on us, the long-suffering customers.

Nationwide is most definitely not "on our side." It is on the side of the greedy quintet of directors who each made over £1 million a year. I won't say "earned."